"In order to have the adequate savings necessary to meet their financial needs in retirement -- which could last 20 or more years -- it is critical that these individuals begin saving systematically early in their working years," said Matthew Drinkwater, associate managing director at LIMRA, according to CNN Money.

Meanwhile, retiree health care costs have risen 6 percent a year since 2002. Health care bills now run to $240,000 for a 65-year-old couple over a 20-year-period, according to a recent study by Fidelity Investments cited by USA Today.